Franco-Nevada Corp. (FNV) Upgraded to “Buy” by Canaccord Genuity
Canaccord Genuity upgraded shares of Franco-Nevada Corp. (NYSE:FNV) (TSE:FNV) from a hold rating to a buy rating in a research note published on Tuesday morning. The analysts noted that the move was a valuation call.
A number of other equities research analysts also recently weighed in on the stock. Vetr raised shares of Franco-Nevada Corp. from a hold rating to a buy rating and set a $67.14 target price on the stock in a research note on Thursday, November 10th. TD Securities reaffirmed a hold rating and issued a $77.00 target price on shares of Franco-Nevada Corp. in a research note on Thursday, November 10th. Desjardins reaffirmed a buy rating and issued a $115.00 target price (up from $110.00) on shares of Franco-Nevada Corp. in a research note on Thursday, November 10th. TheStreet raised shares of Franco-Nevada Corp. from a hold rating to a buy rating in a research note on Tuesday, November 8th. Finally, Deutsche Bank AG raised shares of Franco-Nevada Corp. from a hold rating to a buy rating and set a $74.00 target price on the stock in a research note on Wednesday, November 9th. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating and nine have assigned a buy rating to the stock. The stock presently has a consensus rating of Hold and an average target price of $76.87.
Franco-Nevada Corp. (NYSE:FNV) traded up 0.77% during midday trading on Tuesday, hitting $58.99. 575,777 shares of the stock were exchanged. Franco-Nevada Corp. has a 1-year low of $41.47 and a 1-year high of $81.16. The stock has a market cap of $10.51 billion, a PE ratio of 174.53 and a beta of 0.22. The company’s 50 day moving average is $65.81 and its 200-day moving average is $70.55.
The company also recently declared a quarterly dividend, which will be paid on Thursday, December 22nd. Investors of record on Thursday, December 8th will be paid a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a yield of 1.50%. The ex-dividend date of this dividend is Tuesday, December 6th. Franco-Nevada Corp.’s payout ratio is 169.23%.
A number of institutional investors have recently modified their holdings of the company. Van ECK Associates Corp raised its position in shares of Franco-Nevada Corp. by 24.7% in the second quarter. Van ECK Associates Corp now owns 7,831,846 shares of the company’s stock worth $595,690,000 after buying an additional 1,550,588 shares during the period. The Manufacturers Life Insurance Company acquired a new position in shares of Franco-Nevada Corp. during the third quarter worth $71,833,000. Wellington Management Group LLP raised its position in shares of Franco-Nevada Corp. by 1,114.7% in the first quarter. Wellington Management Group LLP now owns 650,463 shares of the company’s stock worth $39,974,000 after buying an additional 596,914 shares during the period. Emerald Acquisition Ltd. acquired a new position in shares of Franco-Nevada Corp. during the second quarter worth $35,810,000. Finally, Vanguard Group Inc. raised its position in shares of Franco-Nevada Corp. by 11.2% in the second quarter. Vanguard Group Inc. now owns 3,648,583 shares of the company’s stock worth $277,511,000 after buying an additional 366,365 shares during the period. 63.89% of the stock is owned by institutional investors and hedge funds.
About Franco-Nevada Corp.
Franco-Nevada Corporation (Franco-Nevada) is a gold-focused royalty and stream company. The Company’s additional interests are in platinum group metals and other resource assets. The Company operates in the segment of resource sector royalty/stream acquisitions and management activities. The Company’s business model provides investors with gold price and exploration optionality.
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